abhishreshthaa
Abhijeet S
The Payment of Tax.
Payments that are required to be made by any person or dealer
1. Tax (Sales tax or Purchase tax)
2. Interest payable under the act
3. Penalty or fine
4. Amount collected in violation of the and forfeited
5. Fees
These payments should be made in government treasury, in such manner as may be provided. These payments should be effected on such dates or at such interval as may be specified. Any dues arising on account of any order, generally, have to be paid within 30 days or such other period as may be specified.
The commissioner may grant installments for payment of any of the above due sunder the act on such terms and conditions including payment of any interest or penalty. If the dues remain unpaid, recovery proceedings may be initiated.
Returns and Self – Assessment
What is a return?
A return can be called a statement of information (annual or periodic) of the business of a dealer, determining tax liability of a dealer, upon self – assessment which may include details such as:
1. Turnover
2. Turnover of sales
3. Turnover of purchases
4. Taxable turnover
5. Tax payable
6. Deductions
7. Set off
8. Other information
Who is required to file a return and what are the requirements?
1. Every registered dealer is required to return a file, in the manner, within the time and in the form, as may be prescribed.
2. Any other dealer may have to furnish return, if required by the commissioner pursuant to notice, in the specified circumstances (like turnover is likely to exceed or has exceeded taxable limits).
What is the periodicity of a return?
A periodic returns (to be filled monthly or quarterly etc) depending on the turnover etc or an annual return
Documents, Records and Maintenance of accounts
Significance of tax invoice and memorandum of sales or purchases
Tax Invoice
The states propose to follow the invoice method in implementing VAT. The credit for input tax is dependent in tax invoice which would show the amount of VAT. Unless, tax invoice in required form is received, the credit cannot be claimed.
Contents and other requirements:
1. The words “tax invoice” in bold letters at the top or at any prominent place.
2. The name, address and registration certificate number of the selling dealer as well as the purchasing dealer.
3. Serial number
4. The date on which the tax invoice is issued.
5. Description of the goods, the quantity and price of the goods.
6. The amount of tax charged thereon indicated separately.
It shall be signed by the selling dealer or his servant or manager or agent duly authorized by him. He shall retain a copy thereof for 3 years from the end of the year in which the sales took place.
Payments that are required to be made by any person or dealer
1. Tax (Sales tax or Purchase tax)
2. Interest payable under the act
3. Penalty or fine
4. Amount collected in violation of the and forfeited
5. Fees
These payments should be made in government treasury, in such manner as may be provided. These payments should be effected on such dates or at such interval as may be specified. Any dues arising on account of any order, generally, have to be paid within 30 days or such other period as may be specified.
The commissioner may grant installments for payment of any of the above due sunder the act on such terms and conditions including payment of any interest or penalty. If the dues remain unpaid, recovery proceedings may be initiated.
Returns and Self – Assessment
What is a return?
A return can be called a statement of information (annual or periodic) of the business of a dealer, determining tax liability of a dealer, upon self – assessment which may include details such as:
1. Turnover
2. Turnover of sales
3. Turnover of purchases
4. Taxable turnover
5. Tax payable
6. Deductions
7. Set off
8. Other information
Who is required to file a return and what are the requirements?
1. Every registered dealer is required to return a file, in the manner, within the time and in the form, as may be prescribed.
2. Any other dealer may have to furnish return, if required by the commissioner pursuant to notice, in the specified circumstances (like turnover is likely to exceed or has exceeded taxable limits).
What is the periodicity of a return?
A periodic returns (to be filled monthly or quarterly etc) depending on the turnover etc or an annual return
Documents, Records and Maintenance of accounts
Significance of tax invoice and memorandum of sales or purchases
Tax Invoice
The states propose to follow the invoice method in implementing VAT. The credit for input tax is dependent in tax invoice which would show the amount of VAT. Unless, tax invoice in required form is received, the credit cannot be claimed.
Contents and other requirements:
1. The words “tax invoice” in bold letters at the top or at any prominent place.
2. The name, address and registration certificate number of the selling dealer as well as the purchasing dealer.
3. Serial number
4. The date on which the tax invoice is issued.
5. Description of the goods, the quantity and price of the goods.
6. The amount of tax charged thereon indicated separately.
It shall be signed by the selling dealer or his servant or manager or agent duly authorized by him. He shall retain a copy thereof for 3 years from the end of the year in which the sales took place.